BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- International real estate investment and services company Kennedy Wilson (NYS: KW) and its partners today announced the official debut of The Ritz-Carlton Residences, Lake Tahoe. Perched mid-mountain at Northstar, The Residences are comprised of 23 luxury penthouses, which were unveiled to the public and for purchase on February 17, 2013.

The Ritz-Carlton Residences, Lake Tahoe (Photo: Business Wire)

Encompassing the entire top floor and a private wing of the third floor of The Ritz-Carlton, Lake Tahoe, the area's first Forbes Four Star and AAA Five Diamond resort and the first Ritz-Carlton resort to receive LEED Certification from U.S. Green Building Council, The Residences combine the charm, excitement and possibilities of Tahoe with the warmth, style and legacy of The Ritz-Carlton brand.

"The Residences are unlike any other residential destination in the Sierra and we are very pleased to celebrate its grand opening, which provides the first-ever opportunity for a privileged group of only 23 owners to enjoy the iconic, luxury living experience for which The Ritz-Carlton brand is known," said Stuart Cramer, president of KW Residential Investment Group. "The Ritz-Carlton, Lake Tahoe established Lake Tahoe as a true world-class destination, within which The Residences represent an intimate and exclusive neighborhood that is destined to be a favorite gathering place for family and friends for years to come."

The Residences exclusively afford owners and their families the best of both worlds: the excitement that comes with an all-season pass to Lake Tahoe, and the comforts and luxuries of The Ritz-Carlton. Offering elevated mountain living, The Residences are whole ownership homes consisting of two-, three-, and four-bedroom penthouses ranging from 1,554 to 3,407 square feet. The ski-in/ski-out residences, located at an elevation of 7,000 feet, boast exceptional views of Northstar Mountain, Martis Valley and Mt. Rose, with each penthouse featuring a unique floor plan that is distinctive, luxurious and livable. The Residences are selling from $1.25 million to $4.5 million.

The Residences were built within a natural wonderland, enhanced by unprecedented ownership privileges. Owners of the penthouses will enjoy pre-arrival concierge service, valet parking, a Residence Concierge, Ski Valet services, a private entry corridor and an elevator that delivers owners to their penthouses. Owners will also benefit from priority access to the exclusive facilities, services and amenities of the hotel, including its 17,000-square-foot Highlands Spa, fine dining in the resort's signature lounges and Manzanita restaurant, in-residence dining, Executive Business Service Center and The Ritz Kids program.

In conjunction with the grand opening of The Residences, Kennedy Wilson is unveiling three custom show homes by the dynamic Jay Jeffers, named one of the country's top designers by ELLE Décor Magazine. A three-bedroom and a four-bedroom residence by the designer were unveiled on February 17; a four-bedroom split-level penthouse will debut in mid-March 2013. Jeffers was engaged by Kennedy Wilson to conceptualize the design, look and feel for the model homes, which bring cosmopolitan style to the mountains, marrying the urbane and the organic in a look he likes to call, "California Mountain."

The Residences are available for immediate occupancy. The sales launch comes less than two months after Kennedy Wilson and its partners acquired The Ritz-Carlton hotel and residences from the property's lenders, and follows an unprecedented strong season for the hotel under the auspices of new ownership.

Potential buyers who wish to schedule an appointment can visit the sales office on the entry level of The Ritz-Carlton, Lake Tahoe or call 530-562-3114. To learn more about The Residences, please visit www.rcr-laketahoe.com.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., U.K., Ireland and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.